The Portuguese team led by Tiago Monteiro and Jose Guedes made the decision following the lack of financial support.
Ocean Racing Technology, owned by OCEANATIONAL MOTOR SA and led by Tiago Monteiro and Jose Guedes, will not be taking part in the upcoming 2013 GP2 Championship season.
After four seasons in the GP2 Series, three in GP2 Asia and a season in GP3, the Portuguese team made the decision following the lack of financial support that had been agreed upon with the Portuguese State and Parkalgar.
All the hard work completed by Ocean earned them early recognition and respect from the entire paddock, the very proud Portuguese team highlighted the name of Portugal around the world.
Once again, at the invitation of Bernie Ecclestone and Bruno Michel, 2012 saw them decide to participate in the GP3 Championship Series, where it soon become evident that they would secure remarkable results in their debut season, such as recording the fastest race lap in the first two races, and standing on the podium for the first time in only their second race, this time at the prestigious Monaco circuit.
Despite the excellent results achieved in their first season, the Portuguese team became embroiled in a series of breaches of established financial agreements, such as the advertising sponsorship contract signed with Parkalgar, Technology Parks and Sports, SA, that jeopardized the management and performance of the team for the upcoming seasons, and in turn forced them to make this decision.
The intervention, support and co-responsibility from the Portuguese Government throughout this process was the key, without which we would not have be able to advance, and we did advance with the project OCEANATIONAL.
Since then Ocean has fulfilled all its contractual obligations, however both Parkalgar and the Portuguese Government have failed to make the agreed financial payment.
Therefore, this is the only feasible decision that can be made at this time, however, both Tiago Monteiro and Jose Guedes cannot rule out the possibility of the team returning to action, if these financial conditions are met.
Today, Ocean Racing Technology have participated in a total of 106 races, 45 days of GP2 testing, 16 races and 8 days of GP3 testing, won victories, podiums, 'pole positions', fastest laps, and broken circuit records.
To all who have supported our project over the past few years including fans, partners, media, officials, we give our many thanks.